The National Company Law Appellate Tribunal (NCLAT) on Thursday issued notices over the petition filed by e-commerce major Amazon, challenging a recent order passed by the fair trade regulator CCI that suspended the over-two-year-old approval for its deal with Future Coupons Pvt Ltd (FCPL). The appellate tribunal has directed the Competition Commission of India (CCI) and FCPL to file their reply in next 10 days and Amazon to file a rejoinder over it. It has directed to list the matter on February 2, for next hearing.
The Competition Commission of India passed a supplementary order last week to modify the agreement between DLF and its apartment buyers, pursuant to a direction from Competition Appellate Tribunal that is hearing the company's appeal against monetary penalty and other sanctions imposed on it by CCI for abuse of market dominance.
Reversing the burden of evidence means that the principle of innocent until proven guilty does not apply. It is exactly the opposite: Guilty as charged, until you can convince the judges of the contrary, points out Shekhar Gupta.
Diktat to four general insurance companies says 'avoid competition' in any corporate or group account
JSW had moved competition watchdog alleging Asian Paints threatened various dealers from dealing with the company.
The Delhi high court on Tuesday dismissed the pleas moved by Future Group companies seeking a direction to the arbitration tribunal, which is adjudicating on Amazon's objections against their deal with Reliance, to take a decision on their application for the termination of the arbitration proceedings before moving any further. "Both the petitions are dismissed," said Justice Amit Bansal, who had reserved the order on the petitions filed by Future Coupons Private Limited (FCPL) and Future Retail Limited (FRL) on January 3. The judge said the orders would be uploaded on the website of the high court shortly.
Tata group-owned AirAsia India's inability to get approval for international flights is hurting UDAN, the Indian government's regional air connectivity project that also aims to link cities in Northeast India and Odisha to places abroad. Sources said the civil aviation ministry is waiting for the low-cost airline to come under the full ownership of Tata Sons and become part of Air India, the former state-owned carrier now owned by the private conglomerate, before allowing it to operate international flights. Tata owns 84 per cent stake in AirAsia India and it is understood that the group will complete the process of buying rest of the stake by July's end.
Its success script: Investing more in local content ecosystem; growing its partnership footprint.
"Some people think I said something negative against Amazon. If you look at the context of my statement, I said investment should come within the law and regulations. This process is followed across the world," the minister told reporters in Ahmedabad when asked to comment on his statement.
Both the NCLT and NCLAT are getting permanent heads after more than one-and-a-half years following the retirement of their respective incumbents.
Khan was convicted in the Toshakhana case which was filed last year on the complaint of the Election Commission of Pakistan (ECP) which had earlier disqualified him in the same case.
Competition watchdog CCI has asked about two dozen banks and housing finance companies, including HDFC, ICICI Bank, and LICHF, to explain their imposing penalty on borrowers for pre-payment of home loans. The Competition Commission of India, according to official sources, has sent notices to major home loan players after examining a report of Director General (Investigations) which found evidences against banks for misusing their dominant position.
L&T has acquired Cafe Coffee Day-owner V G Siddhartha's 20.32 per cent stake in Mindtree and has also placed an order with brokers to pick up another 15 per cent shares from the open market.
The CCI said that the complaint did not fall under any area that violates Competition rules.
The deal is the first major bank takeover in 4 years
Fair trade regulator Competition Commission of India (CCI) on Wednesday ordered a detailed probe into popular messaging platform WhatsApp's updated privacy policy and terms of service after finding that the 'exploitative and exclusionary conduct' in the garb of the policy update prima facie violated competition norms.
CCI to examine competition part of deals, RBI prudential aspects.
Titan posted better than expected revenue growth in the March quarter of the financial year 2022-23 (Q4FY23), powered by strong demand trends in the jewellery and watch segment. Standalone jewellery sales for the firm were up 24 per cent year-on-year (YoY) on a slightly lower base and aided by like-to-like growth of 19 per cent. The company highlighted that new buyer growth was at 15 per cent while average ticket size was up 8 per cent.
Google has also come under the scanner of competition watchdogs in other countries as well.
The Department of Industrial Policy & Promotion and Planning Commission member Arun Maira are sticking to their guns on foreign direct investment in the pharmaceutical sector.
The National Company Law Appellate Tribunal (NCLAT) on Monday adjourned till February 25, the hearing on the plea of e-commerce major Amazon, seeking an interim stay over the order passed by fair trade regulator CCI, which suspended the over-two-year-old approval for its deal with Future Coupons Pvt Ltd (FCPL). When the matter was called for hearing, a two-member bench expressed its difficulties to take up the matter on Monday, as one of the members is retiring in the next four days, after completing his tenure. In this matter, NCLAT would also have to hear other parties such as fair trade regulator CCI, before passing an order and it would take some more time and then the retiring member would not be a part of the bench.
Typically, CCI takes decisions related to M&As within 30 days, though it can do so within 210 days of the filing of application.
The spokesperson in the Ministry of External Affairs said diplomats deal with a variety of issues and it was normal for them to collect information, assess them and send report to the government back home.
After hearing Kingfisher's plea, the COMPAT observed that the CCI had acted beyond its scope in the matter and set aside the penalty.
Competition watchdog CCI may take only 30 days to clear high-voltage corporate mergers and acquisitions, a move that will address one of India Inc's major contentions.
The CCI says that cement firms met regularly to fix prices, control market share and hold back supply.
CCI is India's competition regulator. The undertaking will be a part of the CCI's proposed 'competition compliance' programme.
Uber's draft prospectus for the biggest IPO in the world since Alibaba's in 2014 has projected a major cash burn for Uber in trying to get a significant market share in India, reports Karan Choudhury.
How dominant are Chinese firms in India's sub-Rs 10,000 mobile device market? The question has become relevant as the government has been thinking of reserving this price segment for domestic players who have not been able to battle the Chinese onslaught. However, telecom firms and others are concerned that such a move could stymie the effort to build affordable 5G phones in the sub-Rs 10,000 category.
Within a week of the CBI arresting senior bankers in the housing finance racket, the competition watchdog CCI on Monday said 11 real estate companies are already under its scanner.
Future Retail and its promoters have filed appeals before the division bench of the Delhi high court challenging the order passed on Tuesday that dismissed the Group's petitions for termination of the Amazon arbitration. The Delhi high court on Tuesday dismissed the pleas moved by Future Group companies seeking a direction to the arbitration tribunal, adjudicating Amazon's objections against Future Group's deal with Reliance, to take a decision on their application for terminating the arbitration proceedings before moving any further.
Spare parts from Indian car makers are available with all retailers, but that is not the case with international car makers.
The warning by the anti-trust watchdog has come days ahead of Amazon founder Jeff Bezos' India visit, about which the Seattle-headquartered company has been tight-lipped. Sources in the know indicated that Bezos, coming on a short trip, has sought a meeting with Prime Minister Narendra Modi.
Dutch brewing major Heineken on Wednesday said it has acquired an additional 14.98 per cent stake in United Breweries Ltd, taking its total shareholding to 61.50 per cent. "Heineken N.V. today (on Wednesday) announces that it has acquired an additional 39,644,346 ordinary shares in United Breweries Ltd (UBL) taking its shareholding in UBL from 46.5 per cent to 61.5 per cent," Heineken said in a statement. UBL, with its flagship brand 'Kingfisher', is the leading player in the beer market in India.
The government is at a "fairly advanced stage" of finalising a well-coordinated e-commerce policy and consumer protection rules, which will incorporate provisions of Open Network for Digital Commerce (ONDC), Department for Promotion of Industry and Internal Trade (DPIIT) secretary Rajesh Kumar Singh said on Thursday. "E-commerce rules and e-commerce policy will be congruent with each other... That exercise is at a fairly advanced stage," Singh told reporters. The remarks come on a day the number of daily transactions on the platform has gone up 500 times since the beginning of this year with the number of retail merchants added to its roster growing 40-fold.
The fair trade body's penalty on the internet giant should be a wake-up call for Indian companies that tend to be lackadaisical towards regulatory investigations.
Direct to Home (DTH) operators could be asked to provide inter-operable set-top boxes to their customers with the Competition Commission of India (CCI) seeing prima facie merit in a complaint filed by a consumer organisation that it is in violation of competition laws.
The central government is likely to notify the merger and acquisition (M&A) rules meant to operationalise M&A provisions prescribed under the Competition Act, 2002 by mid-April.
Some regulators are already unleashing their own algorithms to track and understand pricing software of e-commerce companies. While companies collude on pricing, governments are collaborating on curbing online malpractices. The legal liability of an algorithmic decision will be interpreted as legal liability of an entity of an individual. Anti-trust activities of algorithms will not go unchallenged in any economy.
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